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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (17144)6/2/2003 9:27:54 PM
From: Spekulatius  Read Replies (1) of 78673
 
I continue to chase small E&P stocks based on the well-known and expected natural gas problem/shortage/price rise. .

I still own a full position in NHY, which is an oil stock but hardly and E&P. I notice that many E&P's look cheap based on current oil prices but earnings will sputter when oil prices go down. Indeed many of the E&P's do have rising costs during the last few years because they constantly have to buy new reserves to replace the depleting ones and with current higher oil prices those reserves tend to be more expensive. Unless they have a very extensive hedge book they may hurt very bad once energy prices come down (if they do). On the other hand, NHY still looks quite cheap to me.
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